GM posts $4.3-billion loss
Published on Wednesday, April 7, 2010
General Motors Co. lost $4.3-billion (U.S.) between July 10, 2009, and Dec. 31 after it emerged from chapter 11 bankruptcy protection.
The loss includes a $2.6-billion pretax loss related to the medical plan it provides for United Auto Workers retirees and $1.3-billion of foreign currency impacts.
The auto maker still has a chance of returning to profitability in 2010, chief financial officer Chris Liddell said in a statement.
He said GM also remains committed to repaying by June, the loan portion of more than $60-billion (U.S.) in bailout money provided by the Canadian, Ontario and U.S. governments.
The auto maker posted a loss of $3.4-billion before interest and taxes in the fourth quarter in its North American operations. That fourth-quarter loss is deeper than the loss a year earlier, when GM was running out of cash because of a collapse in auto sales that in turn was caused by the liquidity crisis.
Source : Greg Keenan, Globe and Mail - Toronto